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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Profit taking pushed indices down

Profit taking pushed indices down

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Director - Equity Analytics
Director - Equity Analytics
Sri Lanka stocks close down 0.4-pct
June 05, 2013 (LBO) - Sri Lanka's stock closed down 0.42 percent retreating for a third consecutive day with losses in the index heavy CTC, JKH, DIST and NEST, broker said.

The benchmark Colombo All Share Index closed 26.82 points lower at 6,422.84 and the S&P SL 20 Index closed 10.59 points lower at 3,635.31 down 0.29 percent.

Turnover was 818 million rupees down from one billion day earlier.

Foreigners brought 432 million rupees worth shares while selling 118 million rupees of shares, in a day that 76 stocks advanced and 131 stocks declined.

Cargills contributed most to the index gain closing at 184.00 rupees up 4.40 rupees, Hatton National Bank closed at 168.80 rupees up 1.80 rupees and Dipped Products gained 6.50 rupees to close at 133.00 rupees.

Meanwhile, Asian markets also fell Wednesday, taking a negative lead from Wall Street as data showed the US trade deficit had widened, while Tokyo slumped following a policy speech by Japan's prime minister.

Tokyo dived 3.83 percent, or 518.89 points, to 13,014.87 -- continuing a rollercoaster couple of weeks that has seen the Nikkei lose about 17 percent.

In other Asian markets, Seoul gave up 1.52 percent, or 30.32 points, to end at 1,959.19. Hong Kong lost 0.97 percent, or 216.28 points, to end at 22,069.24 and Shanghai was flat, dipping 1.49 points to 2,270.93.

In the banking secor, Commercial Bank of Ceylon closed at 123.30 rupees down 70 cents and DFCC Bank closed at 143.90 rupees, up 1.40 rupees. National Development Bank closed at 173.60 rupees down 90 cents. Pan Asia closed at 20.50 rupees down 10 cents.

Union Bank of Colombo closed flat at 19.20 rupees and Sampath Bank gained 1.40 rupees to close at 219.90 rupees.

The Lion Brewery lost 17.70 rupees to close at 391.30 rupees, Distilleries Company lost 40 cents to close at 199.90 rupees and Ceylon Tobacco Company too lost 30 cents to close at 999.60 rupees.

John Keells Holdings lost 2.30 rupees to close at 279.40 rupees and Nestle Lanka closed at 1,976.80 rupees down 1.20 rupees. Aitken Spence closed at 134.00 down 1.00 rupee. Browns Investments closed at 03.40 rupees down 10 cents.

Softlogic Holding closed at 134.10 rupees up 10 cents and Vallibel One closed at 19.20 rupees up 10 cents.

Sri Lanka Telecom closed at 42.30 rupees down 40 cents and Dialog Axiata closed flat at 09.30 rupees.


COLOMBO, June 5 (Reuters) - Sri Lankan shares fell for a third straight session on Wednesday to their lowest close in nearly three weeks, as investors booked profits in blue-chip companies like John Keells Holdings and Commercial Bank of Ceylon in an overbought market.

However, foreign investors bought shares on a net basis for a 19th straight session. The bourse saw a net foreign inflow of 314 million rupees, extending year-to-date inflows to 14.76 billion rupees.

The main stock index fell 0.42 percent, or 26.82 points, to 6,422.84, the lowest close since May 17.

Foreign investors accounted for around 52.8 percent of the day's turnover of 818.3 million rupees ($6.47 million), less than this year's daily average of 1.04 billion rupees.

"Consolidation is continuing and the market is taking time for the next run. We expect the market to be at these levels before gaining," said a stockbroker asking not to be named.

He expects the market to rise with more foreign buying after a road show, which is being held in Dubai with the participation of top market and regulatory officials to attract foreign inflows into the bourse.

Shares in conglomerate John Keells Holdings fell 0.82 percent to 279.40 rupees, while Commercial Bank of Ceylon lost 0.56 percent to 123.30 rupees.

The market's 14-day Relative Strength Index (RSI) was still in overbought territory, at 72.992 on Wednesday and has been above the upper neutral level of 70 since April 16, Thomson Reuters data showed.

The rupee ended firmer at 126.43/45 per dollar from

Tuesday's close of 126.50/52 on thin volume of inflows from remittances and stocks-related transactions, dealers said.
($1 = 126.5000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

3Profit taking pushed indices down Empty Profit taking pushed indices down Thu Jun 06, 2013 12:55 am


Global Moderator
* Foreign interest in ComBank & CTC

The Colombo bourse yesterday lost ground for the third consecutive day with turnover down to Rs.818.4 million from the previous day’s Rs.1.03 billion with the All Share Price Index losing 26.82 points (0.42%) and S&P SL20 10.85 points (0.30%) with 92 gainers outpaced by 128 losers while 91 counters closed flat.

"Profit taking had something to do with the indices moving down," a broker said. "It was basically a very quiet day with a block trade in Chevron contributing Rs.225 million to turnover."

This was the biggest transaction of the day with 0.6 million Chevron crossed at Rs.375 with a further 139,651 shares traded on the floor between Rs.354.20 and Rs.375. The counter closed Rs.10.90 down at Rs.355.70 on the floor contributing Rs.50.9 million to turnover.

"The ASPI ended lower for a third consecutive day amid a drop in activity levels dominated by trades on LLUB which accounted for over 30% of market turnover. The market also saw crossings on DIAL and CTC," John Keells Stock Brokers said.

There was a net foreign inflow of Rs. 314.22 with purchases of Rs. 432.33 million and sales of Rs. 118.12 million.

JKH edged down to Rs.279.90 on nearly 0.2 million shares traded between Rs.278.50 and Rs.281.50, Rs.1.80 below the previous close.

Other block trades included Dialog where slightly over 4.7 million shares were done at Rs.9.30 contributing Rs.43.8 million to turnover and a 34,884 shares Ceylon Tobacco done at Rs.1,000 contributing Rs.34.9 million to turnover.

Brokers said that foreign buying was seen in Ceylon Tobacco and Commercial Bank with Ceylon Tobacco also seeing 18,603 shares done on the floor between Rs.981 and Rs.1,000 closing 10 cents up at Rs.999.60 generating a turnover of Rs.18.6 million.

Commercial Bank (voting) closed 60 cents down at Rs123.40 on over 0.3 million shares done between Rs.122.50 and Rs.124.50 generating a turnover of Rs.42.5 million.

Haycarb gained Rs.10.20 to close at Rs.211.70 on over 0.1 million shares done between Rs.205 and Rs.215 contributing Rs.25.8 million to turnover while Tokyo (voting) closed Rs.1.10 up at Rs.27.10 on nearly 1.3 million shares traded between Rs.26 and Rs.27.30 contributing Rs.23.3 million to turnover.

Piramal Glass closed flat at Rs.6.70 trading between Rs.6.70 and Rs.6.80 with 2.4 million shares transacted.

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